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OIL
Venezuelan President again claimed his country’s right to the disputed Essequibo region of Guyana in his annual address to the National Assembly on Monday.
- "The organic law to protect Guyana Essequibo will be adopted soon," he said.
- "Today, we have a national mandate, a special safe plan to make the motto vivid and clear in the hearts of our children, men and women: ‘The Venezuelan sun rises in Essequibo!’" he added.
- The dispute has been further aggravated by high oil reserve discoveries in the region as well as disputes over maritime borders for production on Guyana’s continental shelf.
- On December 14, Venezuela and Guyana agreed not to use force over their border dispute, following negotiations in Kingstown, capital of Caribbean island nation Saint Vincent and the Grenadines.
- Over the past 28 days, Guyana has exported 600,000 bpd of crude according to TankerTrackers as one of the fastest growing oil producing nations in the world. Despite sanctions easing, Venezuela exported 542,000 bpd over the same period highlighting why Venezuela may be looking to annex large parts of Guyana.
Source: TankerTrackers
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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